NOTHING TO SEE HERE, MOVE ALONG: China’s Tencent Profited Off Fraudulent PPP Loans. “The court records reveal that Tencent co-owned one of the main investors in Womply, a San Francisco startup that raked in $2 billion in 2021 by helping businesses get expedited Paycheck Protection Program loans—and which was accused of profiting from ‘rampant fraud’ in the application process.”

Expedited, indeed.

Flashback to Obama’s 2009 stimulus that Biden oversaw: Biden says some waste inevitable part of stimulus.

“We know some of this money is going to be wasted,” Biden said during a roundtable discussion in New York with business leaders aimed at promoting the two-year stimulus plan.

The package was approved by the Democratic-led Congress in February over the objections of most Republicans, who were concerned about the potential for wasteful spending and because it will add billions of dollars to U.S. deficit spending.

President Barack Obama placed Biden in charge of supervising implementation of the stimulus to underscore his promise of strict oversight of the package

“Waste” was the entire point of the stimulus package — 2009, 2021, it doesn’t matter — provided it ended up in well-connected hands.